Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Tax Expense (benefit)

The provision for income tax expense (benefit) is comprised of the following:

	2020		2019
Current tax, federal	$	739,113	$	391,476
Current tax, state		334,361		177,096
Current tax, foreign		124,414		51,285
Current tax, total		1,197,888		619,857
Deferred income tax, federal		158,308		(293,796	)
Deferred income tax, state		71,616		(132,908	)
Deferred income tax, foreign		179,629		(175,717	)
Deferred income tax, total		409,553		(602,421	)
Total	$	1,607,441	$	17,436

Schedule of Reconciliation of Income Taxes

The following table reconciles the income tax expense at the U.S. Federal statutory rate to income tax expense at the Company’s effective tax rates.

	2020			2019
Income before tax	$	5,190,975		$	2,314,621
US statutory tax rates		30.50	%		30.50	%
Expected income tax		1,583,247			705,960
Non-deductible items		(60,470	)		(41,419	)
Change in estimates and other		603,422			27,893
Change in enacted tax rate		-			(263,686	)
Foreign tax rate difference		(120,372	)		(400,593	)
Change in valuation allowance		(398,386	)		(10,719	)
Total income taxes		1,607,441			17,436
Current income tax expense		1,197,888			619,857
Deferred tax expense (recovery)		409,553			(602,421	)
Total income tax expense	$	1,607,441		$	17,436

Schedule of Deferred tax assets (Liabilities)

Deferred taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes. Deferred tax assets (liabilities) at December 31, 2020 and 2019 are comprised of the following:

	2020			2019
Canada
Non capital loss carryforwards	$	1,638,357		$	769,112
Intangible assets		18,863			63,998
Property, equipment and leaseholds		624,016			(350	)
Financial instruments		26,690			-
		2,307,926			832,760
Valuation allowance		(2,307,926	)		-
Net deferred tax asset	$	-		$	832,760
US
		2020			2019
Net operating loss carryforwards	$	-		$	152,299
Intangible assets		-			(1,058,641	)
Investments		(167,635	)		-
Property, equipment and leaseholds		135,277			264,952
Financial instruments		98,210			185,866
		65,852			(455,524	)
Deferred tax asset not recognized		-			164,284
Net deferred tax asset (liability)	$	65,852		$	(291,240	)

Schedule of Non Operating Loss Carryforwards

The Company has non-capital loss carryforwards of approximately $6,068,054 (2019 - $5,901,560) which may be carried forward to apply against future year income tax for Canadian income tax purposes, subject to the final determination by taxation authorities, expiring in the following years:

`	Loss
2029		891,014
2030		1,081,844
2031		1,245,577
2037		2,238,533
2038		372,149
2039		72,443
2040		166,494
Total		6,068,054